Mortgage rates were up this past week in the Freddie Mac Weekly Survey and continue near 20 year highs. The 30 Year Fixed Rate Mortgage was at 7.08% in the Freddie Mac survey results and the 15 Year Fixed Rate Mortgage was at 6.38%. Rates are still very volatile day to day and even intraday, especially today.
** Please note that Freddie Mac now says it will change how it collects and reports its rate survey starting November 17. It will be interesting to see how these changes affect reported rates, as the current methodology seems recently to be understating actual rates.
Freddie Mac’s Weekly Survey was released this morning with its most recent assessment of the mortgage rate landscape.
(dynamic chart with current data)
In other rate news, the Fed Funds Rate target rate went up by another 0.75% last week and is expected to rise again in December by 0.50%. The Fed has been getting more aggressive in tapering its balance sheet, which is know as QT (quantitative tightening.) The plan is to reduce mortgages held by the Fed by $35 billion per month and treasury securities held by the Fed by $60 billion per month. See actual tapering charts below.
(dynamic charts with current data)